Plain English Breakdown
The bill summary mentions a referendum is part of the law but does not confirm if voters have approved it yet, only that the legislation provides for one.
New Property Tax Break for Older Residents in Tunnel Hill
This law creates a $325,000 property tax exemption for residents of the City of Tunnel Hill who are at least 70 years old.
What This Bill Does
- Provides a new homestead exemption from ad valorem taxes used for city purposes in the amount of $325,000 per eligible resident.
- Limits eligibility to residents of the City of Tunnel Hill who are 70 years of age or older.
- Includes definitions and specifies terms and conditions for receiving the exemption.
- Outlines procedures related to the exemption and when it applies.
Who It Names or Affects
- Residents of the City of Tunnel Hill who are at least 70 years old.
- The City of Tunnel Hill government agencies that collect ad valorem taxes for municipal purposes.
Terms To Know
- Ad valorem tax
- A tax based on the value of property, such as a home or land.
- Homestead exemption
- A reduction in taxes for people who live in their own homes as their primary residence.
Limits and Unknowns
- The summary mentions a referendum is required but does not state the specific results or if it has passed.
- The text notes an automatic repeal provision and compliance with constitutional requirements, though details are not listed in this excerpt.
- Specific application steps for residents are mentioned as being included in the bill but are not detailed here.